PUBLISHED : 23 Sep 2024 at 15:41
Thailand’s virtual banking competition is heating up as applications exceeded the number of licences the central bank plans to grant.
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PUBLISHED : 23 Sep 2024 at 15:41
Thailand’s virtual banking competition is heating up as applications exceeded the number of licences the central bank plans to grant.
The Bank of Thailand (BoT) received five applications for virtual banking licences ahead of the Sept 19 deadline, according to a statement Monday. The BoT, which plans to grant no more than three virtual banking licences, expects to announce the winning bidders by mid-2025, it said. The BoT didn’t name the applicants.
Authorities across Asia are opening up to allow virtual banking services in a bid to broaden access. The new lenders have faced stiff competition to generate profits against more traditional brick-and-mortar banks, who are also increasing their…